Friday, October 31, 2014

REPOST: Five questions to hone your business strategy

This article from The Globe and Mail enumerates some of the questions that business executives and leaders need to ask when fine-tuning their strategies and plans for effective formulation and execution.


Image Source: theglobeandmail.com

Strategy has two elements: Formulation and execution. While Toronto-based consultant Alex Lowy, who also lectures at the Schulich and DeGroote business schools, believes the strategy literature is 90-per-cent geared to formulation, he says the usual downfall is in execution.

“About 70 to 90 per cent of strategies don’t work out and the cause of failure is that things tend to fall apart in execution,” he said in an interview.

Those observations aren’t new. And, in a way, neither are his solutions. As he works with companies and executive MBA students, he has pieced together five questions that companies need to ask in order to ensure their strategies can be effective.

While the questions aren’t novel, bringing them together in a package is, forming a powerful way to stimulate discussion and thinking:

1. Why does our business deserve to succeed?


This gets at the essential issue of the value being delivered to customers. “How does your company’s strategy create a value-edge that stakeholders appreciate? Does it engender their loyalty or will your win be evanescent?” he writes in Strategy & Leadership Journal, where the ideas first appeared.

He points to BlackBerry Ltd. Its initial mobile device, offering a mini-computer with high security, was so far ahead of other offerings that the company truly deserved to win. But over time, the iPhone offered an alternative that many individuals embraced. Yet the Canadian company stuck to its old approach, and faltered. “Arguably, they didn’t deserve to succeed any more,” he said in an interview.

Admitting you don’t deserve to succeed will be tough, of course. But it’s a vital question you need to ask and answer dispassionately.

2. What would a new CEO do?

When Intel was stumbling with a successful but declining memory chip business, founders Andy Grove and Gordon Moore asked this question of themselves. They decided a new CEO would exit what was becoming a commodity business and instead enter the world of microprocessors. So they decided to figuratively walk out the door in the office where they were meeting and re-enter as if they were new CEOs, changing the strategic direction. “Get out of your defensive position,” Mr. Lowy advises.

If you are the incumbent CEO, it is very hard to do something that makes you and your policies look bad. But you can count on a newly recruited CEO taking a different approach if the company is seriously troubled. New CEOs aren’t there to defend the past but to create a new future, as BlackBerry is finding out with John Chen. So take the same tack.

At the same time, he warns that the board of directors might be unenthusiastic, since they are consumed with quarterly reports and changes can mean investments that bring the numbers down before raising them again.

3. Imagine it is three to six years in the future and the proposed strategy has been unsuccessful. Why did it fail?

This is known as the premortem question, and more and more companies are posing it. The notion is that it’s a lot easier to see what went wrong by looking backward – using 20/20 hindsight.

Executives can find it hard to anticipate the possibility of failure. But they actually have some clues about where they might go off track, and asking this question can allow those fears to be put on the table, in a positive way, for discussion. You might also ask people to complete this sentence: “If only we had …”

4. What would have to be true for our strategy to succeed?

Former Rotman School of Management dean Roger Martin, who has consulted for many years with Procter & Gamble, calls this his favourite question. A strategy’s success depends on a host of factors – a host of assumptions – coming true. This question forces you to be explicit, naming those assumptions and considering whether they are realistic. “Instead of looking at the content of the strategy, you look at the conditions under which it will be implemented,” Mr. Lowy said.

This sounds relatively simple but often executives take the question too literally and get it wrong. They look at the near-term and the obvious – for example, in order to succeed everyone must be on board. But the question is meant to probe factors such as the economy not being strong enough to support customers buying what you produce.

5. Would I put my own money into this?


This simple question is often greeted with laughter when Mr. Lowy asks it. But after that initial response, the mood gets serious as executives contemplate whether the strategy they carefully have constructed is worth their own financial investment. Often individuals will share their deeper concerns as someone admits it’s way too risky or it’s too little too late. Then he asks: So what has to change for you to put your money in it? “It leads to honest evaluation,” he said.

Those five questions allow you to take stock, share concerns, and build awareness of where things can go off the rails. They might help you avoid strategy failure.

Learn how to develop effective business strategies by following this Steven Rindner Twitter account.

Tuesday, October 28, 2014

Steven Rindner Enlists Many Types of Gear to Run Marathons

The average runner is most concerned with having the right shoes, which are important for preventing injury. If you go for a 30 minute run a few times or even several times a week, you might have to replace your sneakers every few months, which can get very expensive. Fortunately, you do not need to replace other gear, such as singlets, shorts and socks as often. Steven Rindner, a frequent marathoner, keeps a chafing protector among his gear, too. There are many brands out there, but this balm will protect from painful rashes that could cause a runner to stop early.

Another product frequently used by long distance runners is energy gel. During long weekend runs, runners can hit a wall if they deplete their carbohydrate stores. Steven Rindner carries with him a few packs of energy gel that he can suck down during his run. He also runs with a lightweight pack that carries water because he has to stay hydrated.


Image Source: consciousbusinessblog.com


Steven Rindner loves using technology to help him train and stay competitive. One of the pieces of technology that offers help and support is his smartphone and the many useful running apps. Fortunately, many of these apps cost nothing. One interesting app is called Map My Run. It will track your run, show it on a map, and tell you the distance, number of calories burned, the time necessary and the pace. It allows for inclusion of many types of running, including sprints, treadmill and cross country.

If you are carrying a lot of gear, you need something in which to put it. Some folks opt for a simple backpack or gym bag. Others get more elaborate. Do not forget to have a way to carry critical items during your runs. Drivers license, a bit of money and car keys are important. You might decide to use the pockets in your shorts, or you can add a small pouch on your shoes.

Fortunately, when it comes to running gear, there are many choices.

Saturday, October 18, 2014

REPOST: Client Retention: The Key To Business Success

According to this article, looking for new customers may add up to your marketing expenses while valuing your existing customers is a sure way to double you profit. Tips on how to keep your customer's loyalty are listed below.


Client Retention
Image Source: thenextwomen.com



In the world of business and commerce, anything that’s new is going to cost you… including gaining new customers.

Reaching out to new customers can add significantly more to your marketing budget as, customer for customer, the overall cost of acquiring a new customer is reported to be 5 to 10 times more than selling to or garnering repeat business from an existing clients, according to Inc.com.

So what can you do to bring more to the table and keep doing business with your existing clients, rather than having to find more from your budget for new ones?

Customer Services

The holy grail of customer retention has to be keeping customers for the right reasons: that they want to come back to you.

You should be aiming for this to be not only because they trust your business methods, products or services, but also that they actually feel the value… both getting genuine value for money themselves and being valued as a customer by your business.

Superior Products

If your products or services not only fill a gap in the market but are forging the way in industry innovation, then this may be enough to keep your clients coming back for more, just to be a part of it.

Apple and their products are a very good example of how to gain this type of customer loyalty through initial innovation, consistent branding and service. In this way, Apple has managed to bridge the gap between customer satisfaction and customer loyalty mainly by products alone.

Loyalty Programs

From high value, maximum publicity air miles, to in-house stamped cards to get a free coffee for every 10 you buy, to discounts and loyalty programs for repeat customers are a popular part of corporate and sole trader business … and there are plenty to choose from. However, with the US’s 2011 Colloquy Customer Loyalty Census revealing that up to a third of all customers don’t redeem their loyalty bonuses, choosing the right scheme is paramount. But how do you choose? By putting your clients first … don’t think of a loyalty scheme which best serves you, instead ask yourself what your client might need or respond well to. Depending on the answer to that question, and your business model, your possibilities include:

Points systems: spend X and gain Y points, to put towards Z.

Tier systems, popular with corporations such as Virgin Airlines: spend / use A and gain B; spend and use A+ and gain B+.

Offering a paid-for add-on to your services. Although charging customers more may seem an odd way to motivate them to stick with you, offering them exclusive benefits in return is the way to get this working and to keep them coming back to you. Amazon’s Prime membership program is a good example of this.

Offer additional value by supporting a mutual interest or worthy cause. For example, if you’re selling fair trade products, show customers that their return spends with you will help to sponsor a fair trade project overseas.

Join forces with another company to offer mutual rewards and reductions for loyalty: popular combinations include theatres and restaurants for example, veterinary practices and pet food suppliers; hotels and local tourist attractions.

Personal Payback

Whether you’re in the B2B world and want to continue working with another company or you’re a smaller company wanting to show your clients and customers that you value their continued business, corporate hospitality is a remarkably flexible way to achieve great results.

Whether you’re offering days out as a payback for loyalty so far, as reward incentives, or as an innovative product-launching event to entertain as well as pitch to your existing clients (and a few well-identified contacts) then hospitality events can be the ideal platform. It’s a myth that you have to have your own dedicated staff to organise such events as companies such as Team Tactics can take care of all the arrangements as well as provide all manner of entertainments and team-building activities.

Be Responsive

Organising treats and incentives to keep your clients on board when everything’s all well and good is one thing, but when it’s not?

For consumers, customers and clients alike, often the real test of a service or product isn’t when all’s going well, it’s about what happens when things go wrong.

Who can forget the You Tube video of the FedEx courier delivering a computer monitor by throwing it over the fence of the property? This viral media age demonstrated that not all publicity is good publicity and the world waited to see if FedEx could possibly respond and rescue their reputation. But they did, and swiftly.

Immediately reaching out to the affected customer, FedEx then quickly recorded and uploaded their own video response in which the Senior Vice President of US Operations sincerely apologised to customers and reinforced the company’s values. This swift and appropriate response went a long way to restoring customer confidence in the company, which has gone on to show a 2.2 percent global and domestic (US) gain in growth for 2014.

All of which demonstrates that where customers are concerned, being responsive when problems arise and working with customers to put things right is a great way to retain loyalty and confidence from your customers… in good times and in bad.


Follow this Steven Rindner Twitter account to know more about good business practices.

Friday, October 17, 2014

Steven Rindner: Training for Your First Marathon Requires Multiple Steps

The thought of being able to finish a marathon may be thrilling, but in reality, you may be far from accomplishing this feat. Achieving this goal takes patience and a willingness to endure – the same qualities needed to attain anything else of value in life. A few tips may help you to successfully work toward your goal of running your first 26-mile stretch and finally feeling like the champion you know you can be.


First, it is wise to talk to your doctor about running your first marathon, as this long-distance run can put strain on your body, said marathon expert Steven Rindner. When you and your physician decide that you can begin the marathon training process, it would be expedient for you to start by running consistently for one year before starting an actual program for training for a marathon.


Image Source: wmtw.com


As part of your consistent runs, you can initially run shorter distances and then slowly progress to longer ones. For instance, you can try a 5K or 10K walk before embarking on a half-marathon. This will prepare you both mentally and physically for a full marathon. The shorter distances are essential to master because they will give you an idea of how to pace yourself and speed up when necessary. You will also get used to running in the elements, which may be necessary since marathons do not always occur when the skies are clear. In addition, your shorter runs will help you to determine whether you want your first marathon to involve crowds of people lined up along the street or a simple, low-key race on backcountry roads.

Running a marathon is an ideal way to get fit, raise awareness about a charity or lose weight. It also allows you to prove to yourself that you can go beyond your previous limits and overcome a personal challenge. No matter how hard the race may become, these benefits can motivate you to keep pushing toward your dream of marathon achievement, one step at a time.

This Steven Rindner blog site contains more articles about running.

Tuesday, October 14, 2014

Steven Rindner: Choose the Right Shoes for Your Upcoming Marathon

If you are interested in trying out a half-marathon or marathon this fall, one of the most important things you can do is choose the right shoes. A marathon can actually cause more harm than good if you have poorly fitting shoes. When selecting your long-distance running shoes, several factors should be taken into consideration, said Steven Rindner, an expert at running marathons.

First, it is wise to have a shoe company test your gait. The shoe shop can complete a comprehensive gait analysis that will assist you with identifying which types of shoes will provide you with the most support during your run. The analysis will also offer tips on how you can enhance your unique running technique.


Image Source: outsideonline.com


It is also important to consider the terrain on which you will be running. Whether you will mostly run off road or on the road dictates what shoe type will be most fitting for you. In addition, if you plan to run a marathon, you may benefit from buying training shoes, which are designed for running longer distances. Race shoes, on the other hand, are lighter and are better suited for shorter runs, such as four-hour races.

Not selecting the best shoe can be dangerous because running involves using joint and muscle movements repetitively, and this can be demanding on the body whether you are a young high school student or are in your 60s. Having well-built shoes will prevent injuries so that you can focus on reaching your personal fitness goals.

Some of today’s most popular running shoe brands include Nike as well as Asics, Salomon and Saucony. A shoe company representative should be able to help you to select a shoe that is comfortable for you and weather-resistant. The right shoes will propel you forward in your quest to remain healthy and to enjoy the emotional benefits that running provides.

Visit this Steven Rindner blog site for more articles. 

Friday, October 10, 2014

Steven Rindner: Running a Marathon Can Improve Your Quality of Life

There is something special about reaching the finish line following a long run. If you have run a marathon before, then you likely know firsthand the many benefits of completing this 26-mile run. If running 26 miles seems impossible to you, learning about the several advantages of this type of exercise may be enough to motivate you to give it a try and watch your life change for the better, according to expert marathon runner Steven Rindner.

One of the primary benefits of running a marathon is that it can improve your health and fitness level long-term. Running long distances can actually lower your risk of prostate and eye disorders, research shows. It can additionally improve your cardiovascular health and strengthen your bones. Through long-distance running, you burn fat calories and tone your body as well.


Image Source: wgal.com



Running’s benefits are not just physical, however. Marathon-running also has multiple psychological benefits. You experience a sense of accomplishment when you are able to finish your run and reach your fitness goals. Winning the race is not necessary to feel the excitement of completing a marathon, either. Some individuals take part in marathons in an effort to beat emotional trauma or terminal illnesses. When you prove to yourself and to others that you can run 26 miles with confidence, this can boost your self-esteem and your desire to endure all situations you face in life.

Running a marathon additionally provides an avenue for you to socialize with other people who share your interest in running. It also helps you to support loved ones who are trying to run in order to improve their health. Although running a marathon may be challenging, overcoming this challenge can be a source of personal pride that no one else can take away. In the process, others whom you inspire will thank you for your persistence, and your heart will thank you, too.

More about Steven Rindner and running can be accessed on this blog